Tesco Bank Credit Card – Learn How to Order the Foundation Card and Start Building Credit

Tesco Bank teamed up with TransUnion to come up with this credit card: the Tesco Bank Foundation Credit card that offers customers an opportunity to pay for their goods and services on a daily basis.

This is what you would call a “Builder Credit Card”, and it is used by people who have bad credit, or people without any credit history who want to start building it. Additionally, when you apply for this card, you will be treated to plenty of perks.

Some of these include 3 years of unlimited access to your credit score, credit alerts, and a credit review report that is renewed every 28 days and the information passed on to your lenders. Read on to learn about this credit card, and how you can apply for it.

Tesco Bank Credit Card - Learn How to Order the Foundation Card and Start Building Credit

Noddle Premium Services

This card stands out due to its partnership with Noddle. As a cardholder, you will gain access to the Noddle premium service for 3 years, which enables you to view your credit information for free. The Noddle improve service will also help you with tips on how to improve your credit score.

Options to Increase Your Credit Limit

Although the credit limit starts at between £250 and £1,500, if you are keen on paying what you owe on time each month, then there are chances of this limit being increased with time. The more trustworthy you become, the more you will be able to unlock more credit in the future.

Clubcard Points

This card sits under the Tesco Bank umbrella of cards, and it earns you Clubcard points whenever you use it for shopping. You will earn 1 club card point for each £4 you will spend using the card. Additionally, you will earn 1 point for each £8 you spend outside of Tesco. 

Eligibility Criteria

In order to be eligible for this credit card, you must be earning an income of at least £5,000, and you must be above 18 years old. 

You must have good credit, and you must be living in the U.K., or have a British Forces Post Office address. You shouldn’t have more than 1 Tesco credit card, and you must not have applied for a credit card in the last 30 days.

How to Apply for the Tesco Bank Foundation Credit Card

To apply for the Tesco card, you should log in to the company website, and then provide them with your name, your addresses for the last 3 years, your bank account and sort code. 

As well as information about the cards you wish to transfer credit. Kindly log-in to the Tesco Bank company website and fill in the application form.

Interest Rates and Fees

When applying for a credit card, it is important to be aware of the fees and interest charged. Below is a list of fees that come with the Tesco Bank Foundation Credit Card.

  • Purchase APR – 27.542% – 39.941% p.a. (annual)
  • Cash withdrawals and transactions APR – 39.941% p.a. (annual)
  • Balance transfers APR – 27.542% – 39.941% p.a. (annual)
  • Money transfers APR – 39.941% p.a. (annual)
  • Interest-free grace period – maximum of 56 days
  • Annual fee – $0
  • Minimum monthly payment – charged at either £25 or 1% of the total interest and default charges whichever one is higher
  • Balance transfer charge – 3.99%.
  • Money transfer charge – 3.99%
  • Foreign exchange fee – 2.75%
  • Cash withdrawal fee – charged at either £3 or 3.99% whichever one is higher
  • Cash transaction fee – charged at 3.99%
  • Late payment charge – charged at £12
  • Exceeding limit fee – Charged at £12
  • Cheque – charged at £12

Contact Info

Tesco Bank Credit Card - Learn How to Order the Foundation Card and Start Building Credit

To find out more about the Tesco Purchases Credit Card, it is advisable to contact the bank directly. Tesco Bank can be contacted by calling 0345 300 4278. Their address is Broadway One, 199 Renfield Street, Glasgow G2 3AX.

Conclusion

With this credit card, you are in a great position to improve your credit score or build it. It is wise to make use of the card in order to also take advantage of its other benefits such as the Clubcard points that can be redeemed for many different gifts.

Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.